Buy Ajanta Pharma Ltd., target Rs 1784 : Anand Rathi

Anand Rathi has a buy call on Ajanta Pharma Ltd. with a target price of Rs 1784. The current market price of Ajanta Pharma Ltd. is Rs 1605.15. Time period given by analyst is year, when Ajanta Pharma Ltd. price can reach defined target. Citing its sustained outperformance in the domestic formulations market and a healthy ANDA pipeline, the brokerage said that it expects at least $13-15 million in annual sales of g-Zegerid. It said the stock trades at 27.8x FY17 and 22.4x FY18 estimated earnings.